Graphene Blockchain : How does it work?

What is Graphene Blockchain?

The Graphene blockchain is a revolutionary blockchain architecture that uses sharding technology and the CASPER consensus protocol to process over 10,000 transactions per second. The architecture was built using "Go," a recent computer language. With its ability to support high-performance execution of Turing-complete smart contracts, graphene can enable more decentralized applications (dApps), business strategies, and the creation of customizable shards that are optimized for different use cases while also allowing full connectivity between shards. Graphene's application possibilities are endless.

Because it has been forked and changed so many times, the graphene source comes in a variety of flavors. There is no other blockchain that can even come close to competing with Graphene in terms of transaction processing capacity. Although Bitcoin has aided in the establishment of a new sector, it does not offer a wide range of skills.

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An Examination of the Graphene Blockchain Technology

Although Graphene blockchain is a very high-level blockchain design, it is made up of only a few key components that can be taken down.

 

Chain of Beacons

Beacon Chain handles all transactions, including proof-of-stake and validator registration. This is the "main" network chain that connects all of the Graphene shards into a single, secure blockchain environment.

 

Modules for Validation

It interacts with the beacon module and is responsible for producing beacon chain blocks. They're also in charge of the user interface for proof-of-stake functions.
A system of validator payment rewards and penalties is a key component of the Graphene network's enhanced security. They provide a way for each and every Graphene client to actively engage in the network's protection while also getting compensated for staking and other related actions. Validators function independently of the Graphene wallet, allowing for secure, decentralized "cold staking" of balances maintained in mobile and other light-node Graphene wallets.

 

Module for Relayer

The data management section of the system keeps track of each shard's current status. Transactions are packaged and advertised to validators by relayers before they are submitted to the network. Validators can therefore verify that the packages are legitimate without having to keep track of the shard's full history.

 

The Shard Module

Assumes the role of "executor" for all side-chains. It runs the side-chains code and ensures that they are in sync with the beacon chain.

 

Hyperlinks

The cross-link is a type of checkpoint that occurs in blocks when the graphene blockchain network has reached a sufficient level of consensus to complete the block. Cross-links are used to complete transactions involving more than one shard, such as shifting balances from one shard's address to another shard's address.

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How Does Graphene Blockchain Work?

The best answer is Graphene's solution, which combines both data structures. With an IBLT delivered by the sender, we fix any mistakes caused by the Bloom filter. The symmetric difference has shrunk to the same size as the number of false positives generated by our Bloom filter. There is a trade-off: we can make the Bloom filter larger (more accurate), but the IBLT will be smaller; or we can make the IBLT larger (able to repair more errors), but the Bloom filter will be smaller. Graphene combines the properties of both data structures such that the total size is as tiny as possible.

The delegated proof of stake, or DPoS, is an algorithm that is used by the blockchain framework. The obligation for building blocks is transferred to third-party nodes known as "witnesses" in this variant of proof of stake. This algorithm chooses reliable delegates who can generate blocks without the need for further mining. Witnesses are chosen by a vote of favor. Anyone who has the native network currency has the ability to vote for their preferred witness. These votes are recounted at each maintenance period in Graphene, and the top witnesses are chosen to produce new blocks and maintain the ledger. The witnesses are compensated for keeping the ledger up to date. The total number of witnesses and the requirements for becoming one can be manually set. This enables Graphene to outperform traditional proof-of-work (PoW) blockchain networks.

Graphene Blockchain : How does it work?
Fig: A diagram showing Graphene components' package dependencies.

The Graphene blockchain isn't a one-size-fits-all solution. It is made up of a number of libraries and executables that can be used to create deployable nodes. The numerous source code packages included with Graphene are depicted in the diagram. Graphene requires conventional C++ 11 and Boost packages, as well as a comprehensive test suite.

 

Key Players In Graphene Blockchain

BitShares (the creator of Graphene blockchain technology), Steemit, and EOS are three big entities that have already tapped into Graphene's potential.

  • BitShares is a decentralized asset trading platform (like the New York Stock Exchange on the blockchain).
  • Steemit is a social media website that is decentralized (like Facebook on the blockchain).
  • EOS is a smart contract platform that is decentralized (like banks, real estate, corporations, small businesses, and more on the blockchain).

 

The benefits of Graphene Blockchain Technology

The online community that gives important information to online social networks needs to be rewarded, and this is the main concept of the Graphene blockchain platforms: to compensate those that contribute value to the social media network. Its goal is to entice more people to participate in the commercialization of social media content.

  • In contrast to Bitcoin, which takes 10 minutes to generate a new block, a new block is formed every 3 seconds.
  • Payments with no commission are supported on the Graphene platform. Users can freely transfer coins from one account to another.
  • Instead of PoW, the delegates PoS method is used.
  • The chance of being rewarded not only by the miners, but also by other system participants. Among the many others are creators, remitters, curators, shoppers, market builders, entrepreneurs, merchants, bloggers, referrers, community leaders, and online leaders.
  • A completely decentralized approach in which the community decides how much money to put into the development of graphene.

 

Summary

A blockchain network has a lot of potential for your company. Existing blockchain networks, on the other hand, can be slow and expensive. And if you use a public network, you're putting your company's fate in the hands of strangers. Creating a personalized blockchain allows you to tailor the technology to your own business requirements. It's difficult and expensive to create a custom blockchain. The Graphene blockchain framework, on the other hand, allows building a specialized blockchain network easily and less expensively.

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Further Reading

Blockchain
Proof Of Work
Permissioned vs Permissionless Blockchain
Graphene Blockchain Github

 

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